USD/JPY - No major moves

Dollar-Yen broke through both the resistance & support without creating any major moves, except for nearing the first target 87.50 after breaking the resistance 87.00. the current rise is invited to show strength at Fibonacci 61.8% at 87.50, and if it succeeds in doing so, then a test of the bottom of the supposed wedge formation at 88.33 is to be expected, and if this important resistance is also broken, the next target will be the top of that formation which is currently at 88.84. today’s support is yesterday’s resistance 87.00, and breaking it would mean a continuation of the downtrend after some rising bounces. This trend would target the rising trendline from last week’s bottom on the hourly chart, which is currently at 86.44, first, then yesterday’s low 85.84. The trend is down, and the Yen strength is still expected, but we should be aware of the possibility of interventions by the Japanese government that would left this pair many steps up!

Support:
• 87.00: short-term support.
• 86.44: the rising trendline from Thursday’s low.
• 85.84: yesterday’s low.

Resistance:
• 87.50: Fibonacci 61.8% short-term (for the move from 89.17 to 84.81).
• 88.33: the bottom of the supposed wedge formation.
• 88.84: the top of the supposed wedge formation.